The governor of the State Bank of Pakistan (SBP), Jameel Ahmed, declared on Monday that the central bank has made a principled decision to reform the present currency system by introducing new currency notes in all denominations.
Governor of the SBP
In an informal interaction with reporters, the central bank governor stated that the goal of this step is to combat individuals/entities engaged in illicit financial operations within the country.
The State Bank governor promised the public that the new notes will be printed on material with cutting-edge International Security Features, which would assist improve the security of legal tender and reduce the circulation of counterfeit currency notes.
New Design of Currency Notes
The governor stated that the SBP intends to hold a competition in February (next month) for the design of new currency notes.
The competition will centre on producing visually appealing notes with detailed designs, brilliant colours, and innovative security measures.
Distribution of Counterfeit Notes
The governor stated that the design framework for the new notes has already begun and is expected to be completed by March.
According to SBP insiders, the decision to overhaul the currency was driven by an increase in complaints about the distribution of counterfeit notes around the country.
The bank intends to address these issues by pursuing a comprehensive plan that includes the addition of technologically advanced security elements to the new currency notes.
According to sources, this pioneering move is expected to not only battle black money in the country, but also improve the currency’s general integrity and security.
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